Episode 262: Financial Mistakes Physicians Make and How To Avoid Them- with Hugh Baker, CFP

Did you know you could be losing thousands of dollars each year due to common financial mistakes? On this episode of the MoneyfitMD podcast, Dr. Latifat sits down with Certified Financial Planner Hugh Baker to uncover the financial pitfalls that physicians often encounter and provides practical strategies to steer clear of them.

What You Will Learn:

• Why investing for the long-term with index funds is a preferred strategy for young physicians: Hugh debunks the myth of chasing short-term returns and explains why bonds may not be the best investment for those with a longer time horizon.
• How to avoid common tax mistakes that can cost you thousands: Discover why it's crucial to understand the intricacies of tax-advantaged accounts, like backdoor Roth IRAs and SEP IRAs, and learn how to review your tax return for potential errors.
• The key factors to consider when choosing a financial advisor: Hugh provides insights into identifying an advisor who is a good fit for your specific needs, focusing on their ideal client profile, fee structure, and transparency in compensation.

Key Takeaways:

• Don't leave your investment contributions sitting idle in cash accounts. Ensure your money is actively working for you by investing it appropriately.
• Take the time to understand your tax situation and ensure you're taking advantage of available deductions. Simple oversights can lead to significant financial losses.
• You are the C

You’re making six or even seven figures—and still asking, “Where did all my money go?” The problem isn’t your income—it’s that you haven’t learned how to have money left.

The Money Left Over program gives women physicians the tools to uncover 4–5 figures in extra monthly cash and finally let your money start working for you.

👉 Go to moneyfitmd.com/moneyleftover now and find out how.

You’re earning more than ever—but somehow, there’s still nothing left at the end of the month. The problem isn’t your income—it’s your money habits. The Money Left Over program helps women physicians uncover thousands in hidden cash flow and start keeping more of what they earn.

👉 Visit moneyfitmd.com/moneyleftover to learn how.

You’re making six or even seven figures—and still asking, “Where did all my money go?” The Money Left Over program gives women physicians the tools to uncover 4–5 figures in extra monthly cash and finally let your money start working for you.

👉 Click here to find out how.

Connect with Dr. Latifat:
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Free Resources for Women Physicians
🧳 Sabbatical Guide (Free Download)
🧠 Financial Starter Guide
💸 Money School for Women Physicians
🧬 Financial Personality Quiz

Books & Programs
🔑 The Power to Choose by Dr. Latifat
📘 Done with Broke (Amazon)